NEW BRAUNFELS, TEXAS — San Antonio-based Mason Joseph Co. Inc. has arranged $12.1 million in construction and permanent financing for The Lodge at the Guadelupe, a 124-unit apartment community that will be located at 1355 Ranch Parkway in New Braunfels. Lev Investments and T.R. Inscore LLC will develop the project and Crane Contracting Group Ltd. will serve as general contractor. HUD provided the 40-year, non-recourse loan.
LYNN HAVEN, FLA. — CBRE Capital Markets has secured $36.7 million in financing for Arbor Trace, a 336-unit apartment community located in Lynn Haven, a town in the Florida Panhandle near the Gulf of Mexico. The loan involved a refinance of the community’s existing 168 units and a construction take-out loan for the newly built Phase II, which spans 168 units. Glenn Housman of CBRE’s debt and structured finance team in Orlando arranged the 10-year, floating-rate, Fannie Mae loan with two years of interest-only payments.
JUPITER, FLA. — Cushman & Wakefield has arranged the $26.8 million sale of Riverwalk Pointe at Mangrove Bay, a 104-unit, age-restricted apartment community in Jupiter, located on the east coast north of Palm Beach. Mangrove Bay Housing LLC, a joint venture between Eastwind Development and Index Apartments LLC, sold the asset to Pleasant Valley Market Place, an out-of-state investor using a 1031 exchange. The two-building community was built in 2014 and was 95 percent occupied at the time of sale. Rents at the property average $1.76 per square foot. Robert Given, Calum Weaver, Zachary Sackley and Troy Ballard of Cushman & Wakefield negotiated the transaction.
SACRAMENTO, CALIF., AND LOS ANGELES — Decron Properties has traded a 264-unit multifamily property in Sacramento, plus some cash, to Sequoia in a direct exchange for a two-property, 504-unit apartment portfolio in Simi Valley. The combined value of the properties was estimated at $193 million. Decron acquired the 372-unit the Villas and the 132-unit Overlook for $141 million. Both communities are situated on Country Club Drive within half a mile of each other in the 4,000-acre Wood Ranch master-planned community. Sequoia took title to Broadstone at Strawberry Creek, a 264-unit apartment community in the Sacramento suburb of Elk Creek, for $52 million. Broadstone was Decron’s first investment in Northern California when they acquired the property in June 2012. Stan Jones, Philip Saglimbeni, Salvatore Saglimbeni, Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both Decron and Sequoia in the transaction. The trade required more than 15 lawyers across five law firms.
PORTLAND, ORE. — Core Spaces has broken ground on The Collective on 4th, a 569-bed multifamily community located near Portland State University in Portland. The property will target students, as well as young professionals, families and empty nesters. The development is set to include studio, micro-, one- and two-bedroom units alongside two- and three-bedroom townhomes. Outdoor amenities will include bocce ball courts, fire pits, barbecues, private terraces and a fourth-floor terrace with a hot tub. A fitness center, business center, rooftop chef’s kitchen and lounge, Pilates/yoga space and sauna and steam room will also be included at the property. The project is scheduled for completion in summer 2019.
PORTLAND, Ore. — Senior Living Investment Brokerage has arranged the sale of Tabor Crest Memory Care, a 27-unit memory care community in Portland. The price was not disclosed. Tabor Crest was built in 2004 and expanded in 2008. Totaling 11,335 square feet on a 21,700-square-foot infill plot, the beds could potentially be expanded from 30 to 38. The buyer was an affiliate of Granite Investment Group. The new owner has leased the property to Avalon Health Care Group. This is the buyer’s first acquisition in Oregon with the plans to continue to acquire in the state. The seller was not disclosed. Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage handled the transaction.
INDIANA, MINNESOTA AND OHIO — Meridian Capital Group has arranged the $57.5 million refinancing for a 15-property multifamily portfolio located across five states. The 1,192-unit portfolio includes Ridgewood and Meadowood in Indiana; Laurel Bay and Carleton Court in Minnesota; and Camellia Court, Beckford Place, Forsythia Court, Slate Run, Tabor Ridge, Foxhaven and River Glen in Ohio. Four other properties within the portfolio are located in Georgia and Kentucky. Cary Pollack, Judah Neuman and Steve Cohen of Meridian Capital arranged the 10-year CMBS loan. Reliance Global Holdings was the borrower.
CHICAGO — McShane Construction Co. has completed construction of Park Place in Chicago for Brinshore Development. The 78-unit affordable housing property is situated on 4.6 acres at the intersection of 50th Street and Lawndale Avenue. The property features 14 buildings with a mix of one-, two- and three-bedroom floor plans. Amenities include a community room, computer lab, fitness center and on-site management. Landon Bone Baker Architect designed the project. Multiple sources provided funding for Park Place, including the City of Chicago.
EVANSTON, ILL. — Essex Realty Group Inc. has brokered the sale of Churchview Apartments in Evanston for $6.4 million. The property is located at 1450-56 Oak Ave. near Northwestern University. The 28-unit building features a mix of one-, two- and three-bedroom units. The Baird family of Chicago has owned the property for more than 50 years. Matt Welke, Doug Imber and Kate Varde of Essex represented the seller, while Doug Fisher represented the undisclosed buyer in the transaction. Additionally, the legal team of Austin Hirsch and Steve Miller of Reed Smith LLP represented the seller.
DETROIT — The Michigan Department of Environmental Quality (MDEQ) has provided a $250,000 loan and a $750,000 grant for the redevelopment of the former Statler Hotel site in Detroit. The Detroit/Wayne County Port Authority received the funding. Located at the corner of Washington Boulevard and Park Avenue, the property has been vacant since the hotel was abandoned in 1975 and demolished in 2005. The MDEQ brownfield grant and loan will cover the costs of mitigating the environmental contamination at the site. VG Statler City LLC will then construct a mixed-use building with 288 apartment units, ground-floor retail and underground parking. The redevelopment will meet national green building standards, including a green roof, and will bring an estimated 58 jobs and 400 residents to the area. The MDEQ’s brownfield redevelopment program provides grants and loans to local governments for environmental activities on brownfield properties where redevelopment is proposed.